Microsoft Corporation (NASDAQ:MSFT) shares closed more than 4% higher today following the company’s Q3 results, with better-than-expected EPS of $2.22 (vs. Street’s $2.18) and revenue of $49.4 billion (vs. Street’s $49.03 billion). Azure Cloud revenue accelerated to 49% constant-currency growth from 46%.

Consolidated guidance was also solid and in line with expectations, relieving investor trepidation about macro. Analysts at Oppenheimer made only very modest changes to their model, increasing the full 2023-year EPS estimate by $0.03 while reiterating their $340 price target on the company’s shares. Analysts said that macro challenging will remain concerning, but view the company as relatively advantaged with a powerful platform directly benefiting from the digital transformation mega trend, while offering compelling value to enterprises, with Microsoft 365 having a 60% price advantage vs. point solutions.